is close to creating a marginally profitable business with its subscription based model for enterprise connectivity. However, the true investment case for the stock is the company's software offering for security and device management, which could serve to differentiate iPass from traditional network access and drive meaningful margin improvement.
Despite over $1.00 per share in net cash and an improving income statement, iPass shares continue to fall in value. Shares of iPass are currently trading at 0.6x our 2008 sales estimate, representing a significant discount to the industry mean and the S&P.
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